/raid1/www/Hosts/bankrupt/TCRLA_Public/140722.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Tuesday, July 22, 2014, Vol. 15, No. 143
Headlines
A R G E N T I N A
BUENOS AIRES: Fitch Affirms 'B-' IDR; Outlook Negative
B R A Z I L
BROOKFIELD INCORPORACOES: Appraised at Price Below Buyout Offer
BANCO BTG: Moody's Affirms D+ Bank Financial Strength Rating
COMPANHIA ENERGETICA: Petrobras Sells $270MM Stake in Gas Asset
OI S.A.: S&P Lowers CCR to 'BB+' & Removes from CreditWatch Neg.
C A Y M A N I S L A N D S
BBH ALTERNATIVE: Creditors' Proofs of Debt Due Aug. 14
CLASS OPPORTUNITY: Creditors' Proofs of Debt Due Aug. 4
FIRST STATE: Creditors' Proofs of Debt Due Aug. 4
FIRST STATE: Shareholders' Final Meeting Set for Aug. 5
LYKAION IAM: Creditors' Proofs of Debt Due Aug. 5
SC GF V TT: Creditors' Proofs of Debt Due Aug. 4
SC USV 2010: Creditors' Proofs of Debt Due Aug. 4
SC USV XIV: Creditors' Proofs of Debt Due Aug. 4
SCGF GENPAR: Creditors' Proofs of Debt Due Aug. 4
SCGGF (TTGP): Creditors' Proofs of Debt Due Aug. 4
J A M A I C A
* JAMAICA: Tells IMF it Intends to Strengthen Securities Industry
P A R A G U A Y
BANCO BILBAO: S&P Affirms 'BB' Rating; Outlook Stable
P E R U
CORPORACION PESQUERA: Consent Solicitation No Impact on B2 CFR
T R I N I D A D & T O B A G O
VMCOTT: More Than 200 PTSC Workers Locked Out of Firm
HINDU CREDIT UNION: No Pressure on Harry to Diversify Firm
X X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
=================
A R G E N T I N A
=================
BUENOS AIRES: Fitch Affirms 'B-' IDR; Outlook Negative
------------------------------------------------------
Fitch Ratings has affirmed its ratings on the City of Buenos Aires
(the CBA) as follows:
-- Long-term and local currency Issuer Default Rating (IDR) at
'B-', Outlook Negative;
-- Short-term and local currency IDR at 'B'.
In addition, Fitch has affirmed the outstanding issues of the CBA.
KEY RATING DRIVERS
The affirmation of CBA's ratings considers its adequate fiscal and
budgetary performance, generating sound operating margins over the
last years despite the pressures on operating expenditures; it
maintains high financial flexibility, adequate leverage and
sustainability ratios; and it is Argentina's primary economic and
financial center. The CBA's unfavorable debt structure, having
98.6% in foreign currency, as well as the sovereign rating;
constrains the rating.
In 2013, an improvement was recorded in the operating margin
(14.9% versus 11% in 2012), based on a very good income dynamics
that surpassed the evolution of operational expenditure. Fitch
estimates that by 2014 it will not be less than 10%, incorporating
a more conservative scenario of the evolution of income and
expenses, while according to the budget it will be 15.6%.
The city has a high financial flexibility. About 89.2% of total
revenues are collected and administered locally. This shows a low
reliance on federal transfers for the city's revenues and compares
very favorably with the provincial average of 38.7%. However, the
revenue structure is exposed to economic fluctuations.
Regarding debt, despite the considerable nominal debt increase in
recent years, leverage and sustainability ratios are still very
adequate, compared with peers. In 2013, the consolidated debt
accounted for 24.7% of current revenues and 1.8x the current
balance. Fitch expects the city's debt indicators will be
adequate, even considering the authorized new debt and the use of
the credit budgeted for 2014. In a conservative scenario, Fitch
estimates debt will represent about 28.4% of the current revenues
and 2.7x the current balance.
The main risk or limitations for CBA is the structure of debt.
Despite CBA's low level of indebtedness, its debt structure is
largely composed of debt in foreign currency (mainly U.S.
dollars). This constitutes one of the major rating weaknesses due
to the high exposure to the foreign exchange rate risk. In March
2014, foreign currency debt accounted for 98.6% compared to 97.7%
in 2013. After the devaluation taken place in January 2014, most
of the increase in debt registered in March compared to year-end
2013 was due to the peso's depreciation.
The CBA is the country's major economic and financial center.
According to preliminary information, in 2013, the city's
contribution to Argentina's GDP reached about 23.3% and was mainly
driven by the real estate and commerce sectors. CBA's GDP per
capita is three times the national average. Fitch does not expect
significant changes in the city's production structure and its
social and economic indicators.
RATING SENSITIVITIES
CBA's Negative Outlook reflects a high correlation between the
credit risk of subnationals and the sovereign. A country ceiling
downgrade would lead to a negative rating action. Besides, a
sharp deterioration in fiscal and financial indicators, along with
an aggressive and unsustainable borrowing policy, might have an
adverse effect on ratings.
Fitch affirms the following ratings for the CBA:
-- Euro medium-term note programme (EMTN) up to USD2,290
million: long-term rating at 'B-';
-- Series 7 for USD50 million: long-term rating at 'B-';
-- Series 8 for USD475 million: long-term rating at 'B-';
-- Series 10 for USD415 million: long-term rating at 'B-';
-- Programme of Short-Term Treasury Bills up to ARP950 million:
short-term rating at 'B'.
===========
B R A Z I L
===========
BROOKFIELD INCORPORACOES: Appraised at Price Below Buyout Offer
---------------------------------------------------------------
Reuters reports that Banco Santander Brasil appraised the value of
Brazilian homebuilder Brookfield Incorporacoes SA at a range of
BRL1.29 to BRL1.42 per share, below the BRL1.60 per share offered
by the company's controlling shareholder to take the company
private.
According to a securities filing released, controlling shareholder
Brookfield Brasil Participacoes SA will go ahead with the buyout
offer, announced in February, Reuters relates.
Headquartered in Rio de Janeiro, Brookfield Incorporacoes S.A.
(Brookfield) is the result from the combination of Brascan,
Company and MB Engenharia, all strong brand names with over 25
year experience in the Brazilian homebuilding market. Brookfield
develops, builds, and sells residential projects in virtually all
price segments, as well as, office buildings. The largest
shareholder is Brookfield Asset Management (Baa2/Stable) with an
indirect stake of 44.17% of the shares. The company currently has
91 projects under development to be delivered between 2014 and
2016, mainly in the states of Sao Paulo, Rio de Janeiro, Paran
and the mid-west region of Brazil, including the Federal District.
In the twelve months that ended 31 March 2014, Brookfield reported
net revenues of BRL2.8 billion (USD1.2 billion) and net losses of
BRL713 million (USD316 million).
* * *
As reported in the Troubled Company Reporter-Latin America on
July 18, 2014, Moody's America Latina has confirmed the ratings
assigned to Brookfield Incorporacoes S.A. (Brookfield) and its
unsecured debentures at B1 on the global scale and Baa2.br on the
Brazilian national scale. The outlook for all the ratings is
negative.
BANCO BTG: Moody's Affirms D+ Bank Financial Strength Rating
------------------------------------------------------------
Moody's Investors Service affirmed Banco BTG Pactual S.A. (BTG
Pactual)'s standalone bank financial strength rating (BFSR) of D+,
which maps to Baa3 in the global scale. In addition, Moody's
affirmed the long-term global local and foreign currency deposit
ratings of Baa3, as well as the Aaa.br deposit rating in the
Brazilian national scale. At the same time, Moody's affirmed BTG's
Grand Cayman Branch's long-term foreign currency senior unsecured
and subordinated debt ratings of Baa3 and Ba1, respectively. The
short-term ratings remained unchanged. The outlook on all ratings
is stable.
The rating action follows the announcement that BTG Pactual
entered a binding agreement to acquire 100% shares of BSI Group SA
(unrated), including Swiss private bank BSI AG (BSI, Baa1 stable;
C-/baa1 stable), from Assicurazioni Generali S.p.A. (Baa1 stable).
The announcement was made on 14 July 2014, and the transaction is
subject to final approval by regulatory authorities in Brazil and
Switzerland.
The following ratings assigned to Banco BTG Pactual S.A. were
affirmed:
- Bank financial strength rating - D+, stable outlook
- Long-term global local currency deposit rating of Baa3, stable
outlook
- Long-term foreign currency deposit rating of Baa3, stable
outlook
- Long foreign currency senior unsecured debt rating assigned to
MTN program of (P)Baa3, stable outlook
- Brazilian long-term national scale deposit rating of Aaa.br
The following ratings assigned to Banco BTG Pactual S.A., Grand
Cayman Branch were affirmed:
- Long-term foreign currency senior unsecured debt rating assigned
to MTN program of (P)Baa3, stable outlook
- Long-term foreign currency senior unsecured debt rating of Baa3,
stable outlook
- Foreign currency subordinated debt rating of Ba1, stable outlook
Rating Rationale
In affirming BTG Pactual's Baa3 rating with a stable outlook,
Moody's acknowledges the benefits that the BSI acquisition will
bring to revenue synergies, earnings stability, and business
diversification, although it will consume capital that will need
to be replenished. The acquisition is in line with BTG Pactual's
international expansion strategy and it will provide opportunities
to enhance the group's fee-based business contribution that
accounted for 27% of total revenues in 1Q14. BSI will contribute
$100 billion to BTG Pactual's assets under management, which were
$115 billion in the first quarter 2014, and will add an ample
client base as well as European distribution capabilities to
complement BTG Pactual's strong asset-origination platform. Upon
conclusion of the transaction, BTG Pactual's consolidated asset
size will increase by roughly $28 billion.
Moody's said that the combination with BSI offers BTG Pactual only
modest cost synergies because of high regulatory costs in the
Swiss market and high operating expenses primarily in the form of
personnel expenses. BSI's lower profitability on a risk-adjusted
basis compared to BTG Pactual's will reduce the Brazilian bank's
consolidated performance metrics as the transaction materializes.
BTG Pactual will also be faced with increasing competition in the
Swiss private banking industry from global banks, which will
require fast evolution in management's depth and international
corporate governance. However, the Swiss bank's future
profitability will benefit from lower credit costs and technology
investments given its recent push to upgrade its systems. The deal
is also shielded from potential fines resulting from the outcome
of BSI's participation in the US-Swiss tax program.
Moody's noted that the CFH1.5 billion acquisition is BTG Pactual's
largest investment to date, and it will reduce its capitalization
ratio by more than 250 basis points, according to Moody's
estimates, from 17.1% reported in 1Q14. BTG Pactual will pay
CFH1.2 billion or 80% of the purchase price in cash, and will
issue BTG stock units for the remaining CFH300 million. The
Brazilian firm's strong internal capital generation capacity will
help cover the cost of this acquisition, to the extent that BTG
Pactual retains a higher level of earnings. In the absence of
additional capital, however, BTG Pactual's organic growth and
international expansion plans could be curtailed. The stable
outlook on the ratings, therefore, incorporates Moody's
expectation that capital will be restored to current levels within
the outlook horizon.
Moody's notes that the Baa3 global local- currency deposit rating
assigned to Banco BTG Pactual derives from the standalone credit
assessment of baa3 (mapped from the D+ BFSR), and therefore, it
does not benefit from uplift due to systemic support.
The principal methodology used in this rating was Moody's Global
Banks methodology published in July 2014.
Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".mx" for Mexico. For further information
on Moody's approach to national scale credit ratings, please refer
to Moody's Credit rating Methodology published in June 2014
entitled "Mapping Moody's National Scale Ratings to Global Scale
Ratings".
The last rating action on Banco BTG Pactual was on 28 March 2013,
when Moody's affirmed all ratings assigned to BTG Pactual and BTG
Pactual Cayman Branch. The outlook on all ratings remained stable.
Banco BTG Pactual S.A. is headquartered in Sao Paulo, Brazil and
had total consolidated assets of BRL133.6 billion (US$58.9
billion) and equity of R$13.1 billion (US$5.8 billion) as of 31
March 2014 (BRGAAP).
COMPANHIA ENERGETICA: Petrobras Sells $270MM Stake in Gas Asset
---------------------------------------------------------------
Juan Pablo Spinetto at Bloomberg News reports that Petroleo
Brasileiro SA agreed to sell a stake in a Brazilian natural gas
distributor as it seeks to raise cash and divest lower return
assets.
Petrobras is selling a 40 percent stake in Gasmig to controller
Cia. Energetica de Minas Gerais (CEMIG) for BRL600 million (US$270
million), the company said in a statement, according to Bloomberg
News.
Cemig currently owns 59.6 percent of Gasmig, which is the only
distributor of piped natural gas in the southeast Brazilian state
of Minas Gerais, Petrobras said.
"This transaction is part of the Petrobras gas and energy
portfolio restructuring process," the company said, adding that
the transaction needs to be approved by antitrust authorities,
Bloomberg News notes.
Bloomberg News relays that Chief Executive Officer Maria das
Gracas Foster is looking to counter more than $40 billion in
operational losses at the company's refining and distribution unit
since 2011 when President Dilma Rousseff started using Petrobras
to subsidize fuel imports to rein in inflation.
Ms. Foster has sought to close the gap between domestic and
foreign prices, while cutting operating expenses, increasing
production and selling less profitable assets, Bloomberg News
discloses.
Petrobras said it will retain its current long-term contracts to
supply natural gas to Gasmig as part of the agreement, Bloomberg
News relates.
Companhia Energetica de Minas Gerais a.k.a. Cemig --
http://www.cemig.com.br/-- is an electric energy utility in
Brazil. Cemig's concession area extends throughout nearly 96.7%
of Minas Gerais. Cemig owns and operates 52 power plants, of
which six are in partnership with private enterprises, relying on
a predominantly hydroelectric energy matrix. Electric energy is
produced to supply more than 17 million people living in the
state's 774 municipalities. In addition to those 52 plants,
another three are currently under construction.
Cemig is also active in several other states, through ventures for
the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).
* * *
As reported in the Troubled Company Reporter-Latin America on
Nov. 18, 2013, Standard & Poor's Ratings Services raised its
corporate credit ratings on Companhia Energetica de Minas Gerais
S.A. (Cemig) and its operating subsidiaries, Cemig Distribuicao
S.A. (Cemig D) and Cemig Geracao e Transmissao S.A. (Cemig GT), to
'BB+' from 'BB' on global scale. S&P also raised its ratings on
these companies to 'brAA+' on national scale. The outlook is
stable. The stand-alone credit profile (SACP) of these companies
is 'bb+'.
OI S.A.: S&P Lowers CCR to 'BB+' & Removes from CreditWatch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and debt ratings on Oi S.A. to 'BB+' from 'BBB-' on global scale
and to 'brAA+' from 'brAAA' on national scale, and removed them
from CreditWatch with negative implications, where they were
placed on July 4, 2014. The outlook on the corporate credit
ratings is stable.
S&P also lowered the issue-level ratings on Portugal Telecom
International Finance (PTIF) to 'BB+' from 'BBB-', in line with
the downgrade of Oi, which provides a senior unconditional
guarantee to PTIF bonds.
The downgrade reflects the somewhat weaker credit metrics than S&P
previously expected in its base-case scenario, following the
nonpayment of the EUR897 million commercial paper from Rio Forte
Investments S.A. (Rio Forte) held by Portugal Telecom (PT), Oi's
subsidiary. S&P incorporated this amount in its previous forecast
as part of PT's cash position that would be used to prepay debt on
the merger between Oi and PT. As a result, S&P now expects a
lower debt reduction at Oi, pressuring its credit metrics, which
were already tight for the 'BBB-' ratings. Prior to the
CreditWatch placement, the outlook on Oi was negative, given that
S&P's expectations of debt reduction were contingent on certain
actions. This event will delay Oi from achieving stronger credit
metrics.
S&P also revised its management and governance (M&G) assessment on
the company to "fair" from "satisfactory" based on its view that
PT's investment in Rio Forte wasn't clearly communicated,
indicating a deficiency in internal controls and corporate
governance. The M&G score revision by itself didn't result in the
downgrade, but weighed on S&P's view of a "negative" comparable
ratings analysis. Following the memorandum of understanding
between Oi and PT, through which PT's current shareholders will
hold the commercial paper in exchange for an amount of shares to
be held at Oi's treasury, S&P now assumes the completion of the
merger can be somewhat delayed, but still completed during this
year.
==========================
C A Y M A N I S L A N D S
==========================
BBH ALTERNATIVE: Creditors' Proofs of Debt Due Aug. 14
------------------------------------------------------
The creditors of BBH Alternative Strategies - USD are required to
file their proofs of debt by Aug. 14, 2014, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on June 27, 2014.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue
George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943-3100
CLASS OPPORTUNITY: Creditors' Proofs of Debt Due Aug. 4
-------------------------------------------------------
The creditors of Class Opportunity Fund Limited are required to
file their proofs of debt by Aug. 4, 2014, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on June 27, 2014.
The company's liquidator is:
Richard Fear
c/o Daniel Woolston
Telephone: (345) 814 7782
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
FIRST STATE: Creditors' Proofs of Debt Due Aug. 4
-------------------------------------------------
The creditors of First State Reinsurance Company Ltd are required
to file their proofs of debt by Aug. 4, 2014, to be included in
the company's dividend distribution.
The company commenced liquidation proceedings on June 30, 2014.
The company's liquidator is:
Harry J. Thompson
Telephone: (345) 946-4111
Facsimile: (345) 946-4222
P.O. Box 32315 Grand Cayman KY1-1209
Cayman Islands
FIRST STATE: Shareholders' Final Meeting Set for Aug. 5
-------------------------------------------------------
The shareholders of First State Reinsurance Company Ltd will hold
their final meeting on Aug. 5, 2014, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced liquidation proceedings on June 30, 2014.
The company's liquidator is:
Harry J. Thompson
Telephone: (345) 946-4111
Facsimile: (345) 946-4222
P.O. Box 32315 Grand Cayman KY1-1209
Cayman Islands
LYKAION IAM: Creditors' Proofs of Debt Due Aug. 5
-------------------------------------------------
The creditors of Lykaion IAM Limited are required to file their
proofs of debt by Aug. 5, 2014, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on June 23, 2014.
The company's liquidator is:
Westport Services Ltd.
c/o Evania Ebanks
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
SC GF V TT: Creditors' Proofs of Debt Due Aug. 4
------------------------------------------------
The creditors of SC GF V TT, Ltd. are required to file their
proofs of debt by Aug. 4, 2014, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 27, 2014.
The company's liquidator is:
Richard Fear
c/o Daniel Woolston
Telephone: (345) 814 7782
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
SC USV 2010: Creditors' Proofs of Debt Due Aug. 4
-------------------------------------------------
The creditors of SC USV 2010 TT, Ltd. are required to file their
proofs of debt by Aug. 4, 2014, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 27, 2014.
The company's liquidator is:
Richard Fear
c/o Daniel Woolston
Telephone: (345) 814 7782
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
SC USV XIV: Creditors' Proofs of Debt Due Aug. 4
------------------------------------------------
The creditors of SC USV XIV (TTGP), Ltd. are required to file
their proofs of debt by Aug. 4, 2014, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on June 27, 2014.
The company's liquidator is:
Richard Fear
c/o Daniel Woolston
Telephone: (345) 814 7782
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
SCGF GENPAR: Creditors' Proofs of Debt Due Aug. 4
-------------------------------------------------
The creditors of SCGF Genpar, Ltd. are required to file their
proofs of debt by Aug. 4, 2014, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 27, 2014.
The company's liquidator is:
Richard Fear
c/o Daniel Woolston
Telephone: (345) 814 7782
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
SCGGF (TTGP): Creditors' Proofs of Debt Due Aug. 4
--------------------------------------------------
The creditors of SCGGF (TTGP), Ltd. are required to file their
proofs of debt by Aug. 4, 2014, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 27, 2014.
The company's liquidator is:
Richard Fear
c/o Daniel Woolston
Telephone: (345) 814 7782
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
=============
J A M A I C A
=============
* JAMAICA: Tells IMF it Intends to Strengthen Securities Industry
----------------------------------------------------------------
RJR News reports that Jamaica has taken steps to strengthen the
local securities industry.
This is outlined in the Government's amended letter of intent to
the International Monetary Fund, IMF, according to RJR News.
According to the document, by the end of next month steps will be
taken to ensure the financial and operational readiness of
securities dealers based on a trust based operational framework,
the report notes.
The report relates that this will be supported by stress testing
by the Financial Services Commission and the Bank of Jamaica. The
Simpson-Miller administration has also given the commitment to
continue working on contingency planning to maintain broader
financial stability, the report adds.
===============
P A R A G U A Y
===============
BANCO BILBAO: S&P Affirms 'BB' Rating; Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term and
'B' short-term ratings on Banco Bilbao Vizcaya Argentaria Paraguay
S.A. (BBVA Paraguay). The outlook remains stable.
The ratings on BBVA Paraguay reflect the bank's "strong" business
position as the fourth-largest bank in Paraguay, "weak" capital
and earnings due to still weak adjusted capital ratios, "adequate"
risk position with asset quality in line with average system
figures, "average" funding to a greater extent based on deposits,
and "adequate" liquidity.
The issuer credit rating on BBVA Paraguay incorporates notching
from group support. S&P believes BBVA Paraguay is a "moderately
strategically important" subsidiary for its Spain-based parent,
Banco Bilbao Vizcaya Argentaria S.A. (BBVA; BBB/Stable/A-2), which
owns 99.99% of the bank's equity. BBVA Paraguay's strategy and
operations are aligned to those of its parent. BBVA Paraguay's
subsidiary status allows the credit rating on the bank to be one
notch higher than its stand-alone credit profile (SACP) of
'bb-'. In S&P's view, the bank has "average" funding, based on a
funding structure that relies heavily on deposits. As of March
2014, customer deposits represented 84% of the bank's funding
base. S&P expects deposits to continue to be the bank's largest
funding source. The bank has gradually diversified its funding
base with loans from first tier lenders (such as IFC, Proparco,
BID, and Citibank) and bonds (for $100 million that mature in
2016), that together account for 16% of its funding base. As of
March 2014, the stable funding ratio of the bank presented
adequate levels of 109%.
=======
P E R U
=======
CORPORACION PESQUERA: Consent Solicitation No Impact on B2 CFR
--------------------------------------------------------------
Moody's Investors Service said that Corporacion Pesquera Inca,
S.A.C.'s consent solicitation is credit negative for Copeinca but
has no immediate impact on its B2 corporate family and senior
unsecured debt ratings or stable outlook. While the cross
guarantee structure will allow the company to have access to China
Fishery Group Limited's (B2 stable) EBITDA, Copeinca's leverage is
expected to increase but still remain below the downgrade trigger
of 5 times.
Corporacion Pesquera Inca S.A.C., headquartered in Lima, Peru, is
the second largest fishmeal and fish oil producer in Peru and is
owned by China Fishery Group Ltd. For the last twelve months ended
March 31, 2014, the company reported revenues of USD263 million.
===============================
T R I N I D A D & T O B A G O
===============================
VMCOTT: More Than 200 PTSC Workers Locked Out of Firm
-----------------------------------------------------
Marlene Augustine at Trinidad and Tobago Newsday reports that more
than 200 Public Transportation Service Corporation (PTSC) workers
were locked out from the Vehicle Management Corporation (VMCOTT)
compound, on the Beetham Highway, Port-of-Spain.
The cause of the lockout occurred because PTSC's management failed
to pay rental fees, to permit the workers to work at the VEMCOTT
compound, according to Trinidad and Tobago Newsday.
The report notes that the 200 plus angry workers protested in
front of PTSC's compound, to ask management what were they
supposed to do.
PTSC's north branch education secretary, Paul Smith, said after a
series of peaceful picketing on their lunch time to highlight
their problems faced almost on a daily basis, they were yet again
forced to deal with another matter, because PTSC failed to pay
rent for the housing of their workers, the report relates.
"What has happened is that VMCOTT has locked out the workers and
gave them an order to vacate the premises, so the workers cannot
work there, due to the rent being paid by PTSC was outstanding.
VMCOTT's management, in order to keep the workers at bay, brought
vehicles to cordon off the area so that no staff could gain access
to the compound," the report quoted Mr. Smith as saying.
Speaking with Newsday, Mr. Smith revealed the entire garage in
VMCOTT has been shut down because PTSC management was not paying
the rent, hence VMCOTT wanted the PTSC workers out.
Mr. Smith said they received an official letter for a meeting with
the Minister of Transport Stephen Cadiz, the report adds.
HINDU CREDIT UNION: No Pressure on Harry to Diversify Firm
----------------------------------------------------------
Trinidad Express reports that the Sir Anthony Colman Commission of
Enquiry report into the HCU has found out that there was no
evidence that former Hindu Credit Union President Harry Harnarine
was pressured by "rich Indians" to diversify the credit union into
a financial empire comprising a slew of businesses as he said he
was.
From 2000 and onwards, Mr. Harnarine and his board incorporated a
number of companies, including firms involved in travel,
healthcare, financial services and media, according to Trinidad
Express.
The report discloses that portions of Section F of the July 16 HCU
Report detail how Mr. Harnarine grew the HCU membership and share
capital, how he divested the credit union's business and how the
commission could not find that he was pressured by certain HCU
depositors to diversify the failed credit union:
"In 1998, when Harry Harnarine became president, there were 3,618
members of HCU with a share capital of TT$4.5 million. At the end
of February 2011 there were approximately 117,000 members with
deposits of TT$500 or less, 26,000 with deposits of TT$501 to
TT$74,000 and 1,487 with deposits holding at least TT$75,000."
"From the very outset of his presidency, Mr. Harnarine worked flat
out to increase the membership. For example, the membership rose
from about 6,216 in 1999/2000 to 15,519 in 2000/2001.
"At this time, (1999/2000) HCU also increased its range of
products. It introduced share deposit accounts, fixed deposit
share accounts and a commercial loan portfolio. Interest rates
paid to share depositors were higher than the rest of the market
paid.
"The process of diversified investment through subsidiaries began
soon after Mr. Harnarine became president.
"Thus, HCU incorporated the following subsidiaries in 2000:
-- Masala Radio Ltd;
-- HCU Security Services Ltd;
-- HCU Home Furnishings Ltd;
-- HCU Financial Ltd;
-- HCU World Travel Ltd; and
-- HCU Auto Care Services Ltd.
HCU invested TT$250,000 in each and in the year to September 2001
it invested further sums totaling TT$1,783,971 in subsidiaries.
The above six companies were formed without the prior approval of
the CCD."
Trinidad Express notes that although in the course of his evidence
Mr. Harnarine said that the formation of these subsidiaries was
consistent with the Bye-Laws which empowered HCU to provide
services for its members, those subsidiaries being the vehicle for
the provision of such services, the Commission is not persuaded
that that was the main purpose. The more likely explanation is
that this was the beginning of a concerted policy of investment in
service industries in the hope that they would eventually increase
the overall profits of the HCU Group, the report relates.
Mr. Harnarine's evidence was that he was under pressure from rich
Indians who had made large deposits to diversify by means of such
investments, the report says.
According to Trinidad Express, there is no independent evidence of
such pressure. Mr. Harnarine said that he believed that, once
these subsidiaries were operating profitability, they might be
sold to some of those rich investors. That would not qualify the
duty of the president and members of the BOD and of other officers
to act in the best interests of the whole of the existing
membership and with due regard to the protection of the members'
deposits and shares as distinct from any private investor
interest, the report discloses.
There is no evidence that any due diligence was exercised in
relation to any one of these subsidiaries or that any member of
the HCU management team or the HCU BOD had any prior experience of
managing any of the businesses sought to be established, the
report notes.
At a BOD meeting on April 3, 2000, attended by Messrs. Harnarine,
Ramnath and Lalchan, it was agreed that there should be formed a
company to be called HCU Financial, to look at investments and
businesses which HCU could not go into, the report adds.
About HCU
Hindu Credit Union Co-Operative Society Limited (HCU)
-- http://www.ourhcu.com/-- is headquartered in Borough,
Chaguanas, in Trinidad and Tobago.
* * *
As reported in the Troubled Company Reporter-Latin America on
Jan. 4, 2012, Trinidad Express said that former Hindu
Credit Union President Harry Harnarine said that the Trinidad and
Tobago government is "fooling" depositors and shareholders with
its "Offer of Relief" and any attempt at payments would be
prevented by legal complications. Trinidad Express related that
Mr. Harnarine also pointed out that the clause in the Offer of
Relief was for credit union members to transfer their rights to
the government. Mr. Harnarine, Trinidad Express relayed, argued
that members would be in contempt of court if they gave up their
rights, as a credit union share was vested in the society, and
this would be blocked by the State Solicitor and attorneys.
The failed credit union was put into liquidation by the government
in 2009. The High Court of Trinidad and Tobago granted the
government full control of Hindu Credit as the company faces
financial difficulties, leaving depositors in limbo despite
requests from lawyers. In June 2008, chartered accountants Ernst
and Young inspected Hindu Credit's books, accounts, and records
after a public outcry and calls for an internal audit. Charles
Mitchell, the Commissioner for Co-Operative Development,
represents Hindu Credit's depositors.
=================
X X X X X X X X X
=================
Large Companies With Insolvent Balance Sheets
---------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
AGRENCO LTD AGRE LX 339244073 -561405847
AGRENCO LTD AGRE LX 339244073 -561405847
AGRENCO LTD-BDR AGEN33 BZ 339244073 -561405847
AGRENCO LTD-BDR AGEN11 BZ 339244073 -561405847
ALL ORE MINERACA AORE3 BZ 10519766.1 -18449684.9
ALL ORE MINERACA STLB3 BZ 10519766.1 -18449684.9
ARTHUR LAN-DVD C ARLA11 BZ 11642254.9 -17154460.3
ARTHUR LAN-DVD P ARLA12 BZ 11642254.9 -17154460.3
ARTHUR LANGE ARLA3 BZ 11642254.9 -17154460.3
ARTHUR LANGE SA ALICON BZ 11642254.9 -17154460.3
ARTHUR LANGE-PRF ARLA4 BZ 11642254.9 -17154460.3
ARTHUR LANGE-PRF ALICPN BZ 11642254.9 -17154460.3
ARTHUR LANG-RC C ARLA9 BZ 11642254.9 -17154460.3
ARTHUR LANG-RC P ARLA10 BZ 11642254.9 -17154460.3
ARTHUR LANG-RT C ARLA1 BZ 11642254.9 -17154460.3
ARTHUR LANG-RT P ARLA2 BZ 11642254.9 -17154460.3
B&D FOOD CORP BDFCE US 14423532 -3506007
B&D FOOD CORP BDFC US 14423532 -3506007
BALADARE BLDR3 BZ 159449535 -52990723.7
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BATTISTELLA-RIGH BTTL1 BZ 161941587 -30698112.2
BIOMM SA BIOM3M BZ 14879155 -13567385
BIOMM SA BIOM3 BZ 14879155 -13567385
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FER HAGA-PREF HAGA4 BZ 18439489.1 -40509835.2
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INVERS ELEC BUEN IEBAA AR 260343959 -14950013.8
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LAEP INVES-BDR B 0163599D BZ 222902269 -255311026
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TEKA-PREF TEKA4 BZ 375873311 -389045810
TEKA-PREF TEKAPN BZ 375873311 -389045810
TEKA-RCT TEKA9 BZ 375873311 -389045810
TEKA-RCT TEKA10 BZ 375873311 -389045810
TEKA-RTS TEKA1 BZ 375873311 -389045810
TEKA-RTS TEKA2 BZ 375873311 -389045810
TEXTEIS RENA-RCT TXRX9 BZ 56213385.5 -85196762.8
TEXTEIS RENA-RCT TXRX10 BZ 56213385.5 -85196762.8
TEXTEIS RENAU-RT TXRX1 BZ 56213385.5 -85196762.8
TEXTEIS RENAU-RT TXRX2 BZ 56213385.5 -85196762.8
TEXTEIS RENAUX RENXON BZ 56213385.5 -85196762.8
TEXTEIS RENAUX RENXPN BZ 56213385.5 -85196762.8
VARIG PART EM SE VPSC3 BZ 83017828 -495721697
VARIG PART EM TR VPTA3 BZ 49432119.3 -399290357
VARIG PART EM-PR VPTA4 BZ 49432119.3 -399290357
VARIG PART EM-PR VPSC4 BZ 83017828 -495721697
VARIG SA VAGV3 BZ 966298048 -4695211008
VARIG SA VARGON BZ 966298048 -4695211008
VARIG SA-PREF VAGV4 BZ 966298048 -4695211008
VARIG SA-PREF VARGPN BZ 966298048 -4695211008
VULCABRAS AZALEI VULC3 BZ 602662162 -27406558
VULCABRAS AZ-PRF VULC4 BZ 602662162 -27406558
VULCABRAS SA VULCON BZ 602662162 -27406558
VULCABRAS SA-PRF VULCPN BZ 602662162 -27406558
VULCABRAS-RCT 0893211D BZ 602662162 -27406558
VULCABRAS-RCT VULC9 BZ 602662162 -27406558
VULCABRAS-REC PR VULC10 BZ 602662162 -27406558
VULCABRAS-RECEIP 0853207D BZ 602662162 -27406558
VULCABRAS-RIGHT 0853205D BZ 602662162 -27406558
VULCABRAS-RIGHT VULC2 BZ 602662162 -27406558
VULCABRAS-RT PRF VULC11 BZ 602662162 -27406558
VULCABRAS-RTS 0893207D BZ 602662162 -27406558
VULCABRAS-RTS VULC1 BZ 602662162 -27406558
WETZEL SA MWET3 BZ 96094336.6 -4635219.98
WETZEL SA MWELON BZ 96094336.6 -4635219.98
WETZEL SA-PREF MWET4 BZ 96094336.6 -4635219.98
WETZEL SA-PREF MWELPN BZ 96094336.6 -4635219.98
WIEST WISA3 BZ 34107195.1 -126993682
WIEST SA WISAON BZ 34107195.1 -126993682
WIEST SA-PREF WISAPN BZ 34107195.1 -126993682
WIEST-PREF WISA4 BZ 34107195.1 -126993682
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades. Prices
for actual trades are probably different. Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.
Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.
Copyright 2014. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *